Terms Used In Montana Code > Title 33 > Chapter 21 - Credit Life and Disability Insurance

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit disability insurance: means insurance on a debtor or joint debtors to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor or either of the joint debtors is disabled as defined in the policy. See Montana Code 33-21-103
• Credit life insurance: means insurance on the life of a debtor or the lives of joint debtors pursuant to or in connection with a specific loan or other credit transaction. See Montana Code 33-21-103
• Credit transaction: means a transaction by the terms of which, at a future date:

  (a)repayment of money loaned is made;

  (b)a loan commitment is made; or

  (c)payment for goods, services, or property sold or leased is made. See Montana Code 33-21-103

• Creditor: means :

  (a)a lender of money or vendor or lessor of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction;

  (b)any successor to the right, title, or interest of a lender, vendor, or lessor;

  (c)an affiliate, associate, or subsidiary of a lender, vendor, or lessor;

  (d)a director, officer, or employee of a lender, vendor, or lessor; or

  (e)any other person in any way associated with a lender, vendor, or lessor. See Montana Code 33-21-103

• Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction. See Montana Code 33-21-103
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. See Montana Code 33-21-103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Statute: A law passed by a legislature.
• Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206